Credit Suisse Group AG Reaffirms Buy Rating for Hormel Foods Corp (HRL)
Hormel Foods Corp (NYSE:HRL)‘s stock had its “buy” rating reiterated by equities researchers at Credit Suisse Group AG in a report released on Friday. They currently have a $39.00 target price on the stock. Credit Suisse Group AG’s price objective indicates a potential upside of 17.75% from the stock’s current price.
HRL has been the topic of a number of other reports. Zacks Investment Research raised shares of Hormel Foods Corp from a “sell” rating to a “hold” rating in a research note on Wednesday, April 5th. BMO Capital Markets reissued a “buy” rating and issued a $45.00 price target on shares of Hormel Foods Corp in a research note on Thursday, March 30th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $40.50.
Hormel Foods Corp (NYSE:HRL) opened at 33.12 on Friday. The firm has a 50-day moving average of $34.56 and a 200-day moving average of $35.18. The company has a market capitalization of $17.52 billion, a P/E ratio of 20.07 and a beta of 0.49. Hormel Foods Corp has a 52 week low of $32.94 and a 52 week high of $40.00.
Hormel Foods Corp (NYSE:HRL) last released its quarterly earnings results on Thursday, May 25th. The company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.40 by $0.01. The company had revenue of $2.19 billion during the quarter, compared to analysts’ expectations of $2.22 billion. Hormel Foods Corp had a net margin of 9.35% and a return on equity of 20.56%. Hormel Foods Corp’s revenue was down 4.9% on a year-over-year basis. During the same period last year, the firm posted $0.40 earnings per share. Analysts anticipate that Hormel Foods Corp will post $1.67 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 15th. Stockholders of record on Monday, July 17th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Thursday, July 13th. Hormel Foods Corp’s dividend payout ratio (DPR) is 41.46%.
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In related news, insider Thomas R. Day sold 11,650 shares of the company’s stock in a transaction that occurred on Tuesday, April 11th. The shares were sold at an average price of $34.25, for a total transaction of $399,012.50. Following the sale, the insider now directly owns 4,836 shares of the company’s stock, valued at approximately $165,633. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James M. Splinter sold 35,785 shares of the company’s stock in a transaction that occurred on Monday, April 10th. The stock was sold at an average price of $34.37, for a total transaction of $1,229,930.45. Following the sale, the insider now directly owns 169,953 shares in the company, valued at $5,841,284.61. The disclosure for this sale can be found here. Insiders sold a total of 85,787 shares of company stock worth $2,955,553 over the last three months. Insiders own 3.54% of the company’s stock.
Large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Hormel Foods Corp by 1,105.9% in the first quarter. BlackRock Inc. now owns 18,991,436 shares of the company’s stock valued at $657,673,000 after buying an additional 17,416,591 shares during the last quarter. State Street Corp increased its stake in shares of Hormel Foods Corp by 93.3% in the first quarter. State Street Corp now owns 30,094,045 shares of the company’s stock valued at $1,042,171,000 after buying an additional 14,529,149 shares during the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in shares of Hormel Foods Corp by 73.7% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,305,830 shares of the company’s stock valued at $315,904,000 after buying an additional 3,100,653 shares during the last quarter. Norges Bank acquired a new stake in shares of Hormel Foods Corp during the fourth quarter valued at $106,515,000. Finally, 1832 Asset Management L.P. increased its stake in shares of Hormel Foods Corp by 23,155.0% in the third quarter. 1832 Asset Management L.P. now owns 2,325,500 shares of the company’s stock valued at $88,202,000 after buying an additional 2,315,500 shares during the last quarter. 33.52% of the stock is currently owned by hedge funds and other institutional investors.
About Hormel Foods Corp
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